The Consumer Financial Protection Bureau (CFPB) has announced its proposal to delay the implementation of the Integrated Mortgage Disclosure Rule until October 1, 2015 (the original effective date was August 1, 2015).  When this rule does go into effect, there will be many changes for those involved in the real estate closing process.  Not only will there be changes to processes, timelines and forms, but also new procedures for completing the forms. This includes where to include specific information, what can and cannot be changed, and how certain items must be worded.

Last month, Plummer Slade held a seminar and webinar for anyone using DisplaySoft Real Estate software to discuss how Display Systems will be upgrading their software to accommodate these changes.  There will be two major changes coming.

First, there will be an update to the existing version of DisplaySoft available within the next couple weeks.  This update will be provided as part of the Annual Support and will include:

  •  The CFPB Closing Disclosure Form
  • The existing GFE HUD and original HUD
  • It will retain the ability to export to QuickBooks and the DisplaySoft Trust It module.

 

Second, Display Systems will be releasing a completely re-written version of DisplaySoft later this year.  The current version will eventually be phased out due to limitations within the older programing language with which it was written.  This new version will include:

  •  The CFPB Closing Disclosure Form
  • The existing GFE HUD and original HUD
  • Ability to print all documents from one place, no more switching modules
  • Ability to create “Document Packages” to quickly print the same group of documents from other files
  • Have multiple files open at the same time
  • See all documents on the screen
  • Improved Trust It module for handling financial transactions
  • Ability to export to QuickBooks and the DisplaySoft Trust It module

 

Although the deadline has been moved by the CFPB, we still anticipate the update to existing software from Display Systems in a week or so.  If you would like to know more about DisplaySoft, please contact Plummer Slade, Inc. at psi.apps@plummerslade.com or call 412-261-5600.